Major cryptocurrencies Bitcoin and XRP are demonstrating strong underlying bullish trends despite undergoing temporary price pullbacks. Technical indicators and favorable market sentiment suggest significant potential for future gains.
Bitcoin currently faces resistance near the $121,000 mark. Key support levels are identified at $115,000 and $112,000, providing buffers for the ongoing retracement. Crucially, Bitcoin maintains its position above the critical Exponential Moving Averages (EMAs) located at $110,976 and $88,217, reinforcing the dominant upward trend.
Following its surge to an all-time high near $3.60, XRP has experienced an 8.37% retracement to approximately $3.25. The price is finding support near the 23.6% Fibonacci retracement level. Despite the pullback, momentum indicators remain strongly bullish, signaling robust buyer interest even at current prices.
Overall market sentiment favors continued growth, with the Crypto Fear & Greed Index registering a reading of 70, indicating ‘Greed’. Adding fuel to the optimism, significant regulatory developments like the proposed GENIUS Act in the United States signal growing institutional acceptance and provide tailwinds for crypto adoption.
Reflecting this confidence, cryptocurrency prediction markets currently assign a 70% probability to Bitcoin reaching $125,000 before potentially correcting down to $105,000.
Further validating the asset class, major financial institutions such as JP Morgan are increasingly recognizing cryptocurrencies like Bitcoin as acceptable collateral. This institutional validation significantly bolsters long-term confidence in the cryptocurrency market’s viability and stability.